State Support of Small and Medium-Sized Businesses in Turkmenistan

BUSINESS TURKMENISTAN
State Support of Small and Medium-Sized Businesses in Turkmenistan
Exhibition Dedicated to UIET’s 13th Anniversary, Ashgabat, Turkmenistan

In accordance with the Law of Turkmenistan on State support of small and medium-sized businesses, the provision of customs privileges to small and medium-sized businesses is carried out in accordance with the legislation of Turkmenistan.

Small and medium-sized businesses are business legal entities, micro-enterprises with an average number of workers employed in industry, electricity, construction, gas and water supply, up to 15 people or from 16 to 200 people, in other industries - no more than 10 people, small enterprises with an average number of employees - from 11 to 25 people, as well as medium-sized enterprises with an average number of employees - from 26 to 100 people. Individuals engaged in entrepreneurial activities without forming a legal entity are individual entrepreneurs.

State support of small and medium-sized businesses is carried out in the following main areas:

  • creation of favorable conditions for the development of small and medium-sized businesses, including by providing small and medium-sized businesses with financial and material and technical resources;
  • ensuring access of small and medium-sized businesses to legal, economic and other information, scientific and technical developments and technologies;
  • stimulation of investments directed by small and medium-sized businesses for the implementation of state programs of socio-economic development, the creation of new jobs and an increase in the income of the population;
  • carrying out on a competitive basis public procurement of goods (works, services) from small and medium-sized businesses;
  • implementation of special financing programs for small and medium-sized businesses;
  • rendering assistance to small and medium-sized businesses in training, retraining and advanced training of personnel;
  • rendering assistance to the development of foreign economic activity, interregional cooperation, as well as the export potential of small and medium-sized businesses.

The objectives of this Law are to form the legal framework of state policy aimed at creating favorable conditions for the development of small and medium-sized businesses as an important link in the market economy, the successful functioning of which contributes to economic growth and social development.

Source: Law of Turkmenistan on State support of small and medium-sized businesses